The Buzz | UnionPay expands Hong Kong presence

China UnionPay Co. acquired a stake in Hong Kong’s Joint Electronic Teller Services Ltd. as the bank-card payments processor seeks a greater presence outside the mainland. UnionPay has become a strategic investor in Jetco, also joining the automated teller machine network operator’s board, the Chinese company said in an e-mailed statement yesterday, without disclosing the size of the stake or price. The two companies will cooperate on mobile payments with a new service called “Quickpass” by the end of 2015 in Hong Kong, it said.

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